Office supplies business is essentially recession proof because “offices need a regular supply of their various needs day-to-day like paper, ink, paper clips and many other things. Schools are also big users of office supplies,” according to Start-up Biz Hub. Entrepreneurs can find a sustainable and lucrative business which provides necessary products to other businesses, charities, educational institutions and individuals. So, how to start office supplies business?
Once you’re ready to start your office supplies business, follow the 9 steps below to ensure that your business is legally compliant and avoid a waste of time and money as your business grows.
1. Plan Your Business
A clear and feasible plan is vital for success as an entrepreneur. A few important topics to take into account are your initial costs, your target market, and how long it will take you to break even.
2. Form a Legal Entity
Establishing a legal business entity prevents you from being personally liable when your office supplies business is sued.
3. Register for Taxes
You will need to register for a variety of taxes or duties before you can open for business.
4. Open a Business Bank Account
A dedicated checking account for your office supplies business keeps your finances organized and makes your business look more professional to your customers.
5. Set Up Business Accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Moreover, keeping detailed and accurate accounts greatly simplifies your annual tax filing as well.
6. Acquire Necessary Permits and Licenses
If you fail to obtain necessary permits and licenses, it may result in hefty fines, or even cause your business to be shut down.
7. Get Business Insurance
Insurance is highly recommended for all business owners. If you hire employees, workers compensation insurance may be a legal requirement in your state.
8. Define Your Brand
Your brand is what your enterprise stands for, as well as how your business is perceived by the general public. A powerful brand will help your business stand out from competitors.
9. Establish a Web Presence
An official business website allows customers to learn more about your company and the products or services you provide. You can also use social media to attract new customers or potential clients.
(TIANSE Social Media: Facebook & Instagram)
The above are 9 general steps on how to start office supplies business. But in reality, you actually need to take a lot more factors into consideration. We hope you could learn about the day-to-day activities of an office supplies business owner, the typical target market, growth potential, start-up costs, legal considerations, and more!
Post time: Dec-14-2018